Macy’s allays holiday season sales worries, shares rise 5%

Business

FILE PHOTO: People carry shopping bags from Macy’s Herald Square during early opening for the Black Friday sales in Manhattan, New York City, U.S., November 28, 2019. REUTERS/Andrew Kelly

(Reuters) – Macy’s Inc (M.N) reported just a 0.6% drop in holiday period same-store sales on Thursday, quelling fears of a more dramatic fall in the department store operator’s numbers for the crucial annual shopping season after an earlier profit warning.

The company benefited from strong online sales and demand for gifting assortments, Macy’s Chief Executive Officer Jeff Gennette said.

The reported drop was for the months of November and December.

Macy’s shares rose nearly 5% in premarket trading.

Reporting by Uday Sampath in Bengaluru; Editing by Shinjini Ganguli

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